Written October 5, 2022, 11:18 am
LONDON, Oct 5 (Reuters) – Britain’s private sector activity in September suffered the steepest decline since the start of last year, although the drop was slightly less steep than initially estimated, final results showed on Wednesday from S&P Global’s monthly survey of purchasing managers.
The composite PMI, which combines the services and manufacturing sectors, fell to 49.1 from 49.6 in August, the lowest since January 2021, when most of the UK was still under lockdown measures.
A number below 50 reflects a decline in activity.
While the final number is slightly better than the first estimate, which put it at 48.4, the survey shows that private business optimism is at its lowest since May 2020.
The services sector PMI alone fell to 50.0 from 50.9 in August.
New orders, whether from the UK market or from abroad, fell in September, with companies blaming Brexit and the worsening global economy, as well as the drop in consumer confidence, which is reducing their spending.
Inflationary pressures remain close to the record high in May. (Reporting by Andy Bruce; French Editing by Marc Angrand; Editing by Jean-Stéphane Brosse)